The Ministry of Petroleum asked the Central Bank of Egypt (CBE) to provide $270m per month, starting from June, for the import of 1.4bn cubic feet of gas per day, of which 1.2bn cubic feet will come through the two gasification ships in Ain Sokhna and 200m cubic feet from the Jordanian line.
A source at the Ministry of Petroleum told Daily News Egypt that canceling the tender for a third gasification ship saved the state $120m per month, as reviewing the project showed that it could be dispensable.
The source added that the petroleum sector achieved a number of findings in the past period, which are linked to production in Egypt, including the Noras field which produces 850m cubic feet per day and is expected to increase to 1bn cubic feet this year.
The source pointed out that Eni aims to begin production of the Zohr field by linking 900m cubic feet of gas per day to the national grid by the end of 2017 or in the first quarter of 2018. The project output is estimated at 2.7bn cubic feet by 2020.
Zohr investments amount to $12bn until production begins and will increase to $1bn during the life of the project. The first phase is expected to begin at the end of 2018 and the whole project is expected to be completed by the end of 2019.
Eni, in cooperation with BP, have made a third discovery south-east of Baltim in the Nile Delta. The find produces some 350m cubic feet of gas, which will be linked to the national grid in the second half of 2017.
He pointed out that Baltim reserves were estimated at 700bn cubic feet of recoverable gas. The second well is currently under construction.
Moreover, Shell has also found gas field PTE-2 in its concession area north of Shawish area in the Western Desert. The field is estimated to contain 500bn cubic feet of gas.
The source said that the first phase of the North Alexandria fields project and the Western Mediterranean fields will begin in the third quarter of 2017, producing a total of 450m cubic feet of gas per day.
He pointed out that the remaining phases will be completed in the second quarter of 2019, boosting production to 1.3bn cubic feet of gas per day.
The Ministry of Petroleum has estimated the maximum needs of the domestic market at 7bn cubic feet of gas per day.